Enforcement Action

Enforcement Action. Means, with respect to any indebtedness or obligation (contingent or otherwise) or Collateral at any time held by any Lender or Executive Lender: commencing by judicial or non-judicial means the enforcement with respect to such indebtedness, obligation or Collateral of any of the default remedies under any of this Loan Agreement, any applicable agreements or documents of such Lender or Executive Lender, the UCC or other applicable law; repossessing, selling, leasing or otherwise disposing of... all or any part of such Collateral, or exercising account debtor or obligor notification or collection rights with respect to all or any portion thereof, or attempting or agreeing to do so; or appropriating, setting off or applying to such Lender's or Executive Lender's claim any part or all of such Collateral or other property in the possession of, or coming into the possession of, such Lender or Executive Lender or its agent, trustee or bailee. View More

Enforcement Action. Any action by Bank or Creditor, whether judicial or non-judicial, to (i) exercise any remedy with respect to the Collateral or Borrower or any Guarantor, (ii) repossess, collect, accelerate, offset, recoup, give notification to third parties (including, without limitation, account debtor notices) with respect to, sell, dispose of, foreclose upon, give notice of sale, disposition, or foreclosure with respect to, or obtain legal, equitable or injunctive relief with respect to any indebtedness... owing from Borrower or any Guarantor or with respect to any Collateral, including any sale or disposition after the occurrence of an Event of Default with the consent of or at the direction of Bank or Creditor, (iii) exercise any put option, (iv) redeem any equity securities, or (v) join in the filing by a Bank or Creditor of an involuntary bankruptcy or insolvency proceeding against Borrower or any Guarantor, provided, however, none of the following actions shall be deemed to be an Enforcement Action: (i) the imposition of a default rate or late fee as permitted pursuant to the provisions of the applicable loan documents, (ii) the cessation of lending pursuant to the provisions of the applicable loan documents, including upon the occurrence of an event of default, (iii) filing and defending any proof of claim in any Insolvency Proceeding, (iv) the customary operation of a lockbox and/or dominion of funds account, including application by Bank of collections therein to outstanding Senior Debt, and (v) application of pledged cash collateral by Bank to Bank Services Debt or Hedging Services Debt. View More